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Mar. 29, 2011 (TheNewswire.ca) --
COQUITLAM, BRITISH COLUMBIA, CANADA - SUPREME RESOURCES LTD. (TSXV:SPR) (OOTC:SPRWF) (SPR-TSX.V, SPRWF-OTC)("Supreme" or the "Company") announces a non-brokered private placement financing to raise gross proceeds of up to $400,000 (the "Private Placement"). The Private Placement will consist of two parts:
1. An aggregate of up to $100,000 through the issuance of up to 1,000,000 units ("NFT Units") at a price of $0.10 per NFT Unit, each NFT Unit consisting of one non-flow-through common share and one-half of a non-transferable share purchase warrant ("NFT Warrant"). Each whole NFT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company for a period of twelve months from the date of issuance of the NFT Units, at an exercise price of $0.20 per share.
2. An aggregate of up to $300,000 through the issuance of up to 2,500,000 units ("FT Units") at a price of $0.12 per FT Unit, each FT Unit consisting of one flow-through common share and one-half of a non-transferable share purchase warrant ("FT Warrant"). Each whole FT Warrant will entitle the holder to purchase one additional non-flow-through common share in the capital of the Company for a period of twelve months from the date of issuance of the FT Units, at an exercise price of $0.20 per share.
The Company may pay a cash finder's fee to arm's length parties ("Finders") in connection with the Private Placement, equal to 8% of the subscription proceeds realized from the sale of the units by the respective Finder, at the discretion of the Company. The securities issued will be subject to a hold period of four months and one day.
Proceeds of the Private Placement will be spent on the Company's TAS and Verde Projects located in the Copper Mountain Mining (TSX:CUM) Camp near Princeton, British Columbia and the Ample-Goldmax Property located near Lillooet, British Columbia and for general working capital. Proceeds from the sale of FT Units will be used to incur expenditures which qualify as Canadian exploration expenses while proceeds from the sale of NFT Units will be used for both exploration expenses and general working capital.
The Private Placement will be subject to approval by the TSX Venture Exchange.
Further news will be forthcoming in the near future.
ON BEHALF OF THE BOARD
"Allan Levien"
Allan Levien
CEO and President
Contact: Allan Levien CEO/President
Tel: (604) 941 3716
aelevien@supremeresourcesltd.com
Alternative Contact: David Joseph
Tel: (604)-569-1801
About Supreme Resources Ltd:
Supreme Resources Ltd. is a junior exploration company with advanced base and precious metals projects located in producing mining districts of British Columbia, Canada. Supreme Resources' goal is to increase shareholder value by developing exploration projects that have the potential of becoming new discoveries. Website: www.supremeresourcesltd.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical factual information, including statements relating to revenues or profits, or the Company's future plans and objectives, or expected sales, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in the technology history. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the Company's securities set out herein in the United States, or to, or for the benefit or account of, a U.S. Person or person in the United States.
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